Translated material
Even oil didn't help
The US collapsed the Russian stock market
Record oil prices , which exceeded $99 per barrel yesterday, did not save the Russian stock market from falling. Investors, who are usually sensitive to the commodity market, this time ignored such a joyful event. Of greater importance for them was the collapse in world stock markets, which was the reason for the sale of Russian shares. The RTS index lost 1.3%, falling from 2180 to 2151 points, most blue chips lost 1.5-2%. The published minutes of the latest meeting of the US Federal Reserve convinced investors that the risks of a weakening economy amid problems in the real estate market remain.The news from the US caused a wave of selling in Asian markets, which fell to the lows of several months ago. Tokyo's Nikkei stock index fell 2.46% to 14,837.66, its lowest in 16 months. At the end of trading, the South Korean stock market index fell by 3.49%, the Hong Kong index by 4.15%, and the Chinese index by 1.5%.
European stock markets also opened lower yesterday. Negative investor sentiment was fueled by rising oil prices to record levels, almost $100 per barrel. In addition, there were reports that the largest losses due to the credit crisis in the banking sector were suffered by large British banks - HSBC, Royal Bank of Scotland and Barclays. As a result, the British FTSE 100 index lost 1.24%, the German DAX - 1.28%, the French CAC 40 - 1.49%.
“On Tuesday, the Federal Reserve lowered its forecast for US GDP growth for 2008 from 2.5--2.75% to 1.8--2.5%,” says Invest-Capital management analyst Elena Guseva. -- In the text of the minutes, Fed representatives noted that inflation risks and the risks of an economic slowdown are still balanced, although rising energy prices in the future may still lead to increased inflation. In general, the American central bank once again made it clear that it intends to closely monitor the flow of economic statistics and, if necessary, is ready to soften monetary policy.”
The fall of the American market was also facilitated by statements by former US Federal Reserve Chairman Alan Greenspan that the process of recovery in credit markets had stalled over the past few weeks. "The reason for this is the recognition that it will be a long time before the US housing market gets rid of excess inventory," Bloomberg quoted Mr Greenspan as saying. The Dow Jones index opened yesterday down 0.95%, the Standard & Poor's 500 down 1.01% and the NASDAQ down 1.05%.
As Nikolai Ruzaikin, an analyst at BrokerCreditService Investment Company, notes, active sales across the entire spectrum of the most liquid Russian shares were observed from the opening of the exchange session and continued throughout the day with short-term pullbacks. “After such a rapid fall, there is a high probability of a rebound,” the analyst said. -- Therefore, the current fall can be viewed as an opportunity for speculative buying. Today, first there may be a jump down, and then a technical leap up. However, we believe that the index may soon drop to 2,100 points.”
The only blue chip that increased in price was Norilsk Nickel (0.68%). This is due to the situation surrounding the division of the business of its main shareholders - Vladimir Potanin and Mikhail Prokhorov.